eCBOT Close, Early Call

eCBOT grains closed lower with March soybeans down 11 /34c, March wheat down 6 3/4c and March corn 3 1/4c easier.

Disappointment over the US bank rescue plan seems to be the main reason for the decline. Sometimes, it seems, throwing $2 trillion at a problem just isn't enough. The rescue package seems to carry a surprising lack of detail and that is disconcerting.

Some forecasts for rain later in the week for Argentina also contributed to the general mood of doom & gloom. Meanwhile here is what has fallen in the 24 hours to 9am local time this morning:

Chinese trade data released today showed exports dropped 17.5% year-on-year, after a 2.8% slump in the previous month; while imports nosedived 43.1%, more than two-fold the December's 21.3% year-on-year drop.

The conclusion being if China isn't exporting, then it isn't going to be importing that's for sure. And that of course is potentially bad news for grains as a whole.

Yesterday's USDA numbers have already been consigned to today's chip wrappings. If you can afford a bag of chips that is.

Early calls for this afternoon's CBOT session: March corn called 3 to 5 cents lower, March soybeans called 6 to 12 cents lower, March CBOT wheat called 4 to 8 cents lower.